Indiana S Corporation Income Tax Return Form 2007
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1
2
3Indiana Department of Revenue
Indiana S Corporation Income Tax Return
for Calendar Year Ending December 31, 2007
Form IT-20S
or Other Tax Year Beginning _________/________/2007 and Ending ________/________/ __________
AA
BB
State Form 10814 (R6/8-07)
A1
Check box if amended.
Check box if name changed.
B1
Name of Corporation
Federal Identifi cation Number
A
B
Number and Street
Indiana County or O.O.S.
Principal Business Activity Code
C
D
H
City
State
Zip Code
Telephone Number
(
)
E
F
G
I
Check all that apply to entity:
1
Initial Return
2
Final Return
3
In Bankruptcy
K. Date of incorporation
in the State of
P
1
2
4
Composite Return
5
Schedule M
L. State of commercial domicile
1
Q
Enter total number of shareholders:
Enter number of nonresident shareholders:
M. Year of initial Indiana return
2
Do you have on fi le a valid extension of time to fi le your return?
R
N. Accounting method:
Cash
1
(federal Form 7004 or an electronic extension of time)
1
Yes
2
No
2
Accrual
3
Other
S
Did the corporation fi le as a C corporation for the prior tax period?
1
Yes
2
No
O. Date of election as S corporation
T
Is this corporation a member of any partnerships?
1
Yes
2
No
Schedule A - S Corporation Adjusted Gross Income
1. Total net income (loss) from U.S. S corporation return, Form 1120S Schedule K, lines 1 through line 10, less line 11
and a portion of line 12 related to investment income (see instructions) .........................................................................
1
2. Add backs: a) All state income taxes deducted on the federal return .............................
2a
b) Net bonus depreciation allowance ..........................................................
2b
c) Excess IRC Section 179 deduction ..........................................................
2c
Deduct:
d) Interest on U.S. Government obligations ...............................................
2d
Deduct:
e) Indiana lottery prize money ......................................................................
2e
3. Total state modifi cations (add lines 2a through 2c subtract lines 2d and 2e) ...................................................................
3
4. Total S corporation income, as adjusted (add lines 1 and 3) ...........................................................................................
4
___ ___ . ___ ___ %
5. Enter average percentage for Indiana apportioned adjusted gross income from IT-20S Schedule E line (4c) ...............
5
Schedule B - Excess Net Passive Income & Built-In Gains
6. Excessive net passive income or LIFO recapture tax as reported on federal Form 1120S, line 22 a ............................
6
7. Tax from federal Schedule D as reported on federal Form 1120S, line 22 b ...................................................................
7
2007
8. Excess net passive income from federal worksheet ......................................................
8
9. Built-in gains from federal Schedule D (1120S) ..............................................................
9
IT-20S
10. Add the amounts on lines 8 and 9 ..................................................................................
10
11. Taxable income apportioned to Indiana (multiply line 10 by line 5) (if applicable) ...........
11
12. Corporate adjusted gross income tax rate (*see instructions for line 13) ........................
12
X 8.5%*
13. Total income tax from Schedule B (multiply line 11 by percent on line 12 or enter amount from Schedule M) ................ 13
Summary of Calculations
14. Sales/use tax on purchases subject to use tax from Sales/Use Tax Worksheet ............................................................
14
15. Total composite tax from completed Schedule IT-20COMP (D&E). Attach schedule ......................................................
15
16. Total tax (add lines 13, 14, and 15) Enter here and carry total tax to page 2, line 16. Caution: If line 16 is zero, see
16
line 21 late fi le penalty ......................................................................................................................................................
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